Recent data support our expectation of 3% global economic growth in 2015. There are actually factors present that could generate a stronger recovery in growth, but the outlook is overshadowed by uncertainty regarding Greece and Ukraine.

We expect that German economic growth accelerates in 2015 on the back of increasing private consumption growth. Falling inflation combined with high nominal pay rises will lead to a further rise in disposable income.

Rabobank expects the Spanish economy to grow around 2¼% in 2015. This growth is primarily driven by private consumption but public consumption and investment will also contribute positively. Net exports are expected to contribute negatively to GDP as import growth remains strong on the back of domestic demand.

Strong institutions and policymaking support (potential) GDP growth, while the country’s small size and ageing pose challenges. Healthy balance sheets and a solid international creditor position reduce Singapore’s susceptibility to (global) shocks.

The US has fared well economically on the back of successful internal and external rebalancing. Moreover, it has also reduced its oil dependence but it remains vulnerable to political gridlock at the federal level in the coming years.